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Incyte Corporation (NASDAQ:INCY) is one of the most undervalued biotech stocks to buy right now. RBC Capital raised the price target on Incyte Corporation (NASDAQ:INCY) to $95 from $92 on April 7, reiterating a Sector Perform rating on the shares. The rating update came as part of a broader research note previewing the fiscal Q1 results in the Biotech sector, with the firm telling investors in the research note that factors such as seasonal headwinds around gross/net, reimbursement resets, and fewer selling days may be exacerbated in fiscal Q1 by weather impact. This holds especially true for launching and in-clinic products. However, RBC Capital added that the robust return of M&A, along with clarity on limited tariff/Most Favored Nation drug pricing impacts, may prove helpful in offsetting both this and broader macro volatility while keeping sector perceptions favorable.

For additional perspective, in its financial results for fiscal Q4 and the full year ended December 31, 2025, Incyte Corporation (NASDAQ:INCY) reported a total revenue of $1.51 billion for the quarter, up 28% compared to the prior year period. Management attributed the growth to an increase in total net product revenue and milestone and contract revenue. Total revenue for the full year reached $5.14 billion, reflecting a growth of 21% compared to the prior year period and primarily driven by growth in the total net product revenue and milestone and contract revenue.

Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company that discovers, develops, and commercializes proprietary therapeutics, focusing on oncology, hematology, inflammation, and autoimmunity therapeutic areas.

While we acknowledge the potential of INCY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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